ETH Co-founder Vitalik Butelin donates meme coins worth $1.1 Bn for India Covid Relief

Vitalik Butelin

With the country grappling with the second wave of the COVID pandemic, everyone around is trying to contribute their bit to ease the situation. With the Indian Covid Crypto Relief Fund came forward to welcome donations made with cryptocurrency, the country receives one of its largest crypto donations.

Ethereum co-founder Vitalik Buterin donated 500 ETH coins and over 50 trillion SHIB meme coin worth around $1.14 billion to the India Covid-Crypto Relief Fund. The donation was made in the form of dog-themed meme coins that were gifted to the Russian born youngest crypto billionaire by the creators of Shiba Inu coin (SHIB), Dogelon (ELON) and Akita Inu (AKITA). The donation to India was made on May 12th, 2021 at 19:53 IST to be exact.

However, it is doubtful that the amount will be fully realized in Indian rupees. But Sandeep Nailwal, the man behind setting up the cryptocurrency relief fund has ensured the people to completely utilize the donation and make the best use of it.

Nailwal expressed his gratitude to Buterin and tweeted, “Thanks @VitalikButerin. One thing we have learnt from Ethereum and @VitalikButerin is importance of community. We will not do anything which hurts any community specially the retail community involved with $SHIB. We will act responsibly! Plz dont worry $SHIB holders.”

Vitaly Dmitriyevich AKA Vitalik Buterin is a Russian-Canadian programmer and writer. He is well known as the co-founder of Ethereum. Buterin had co-founded Bitcoin Magazine in 2011 and launched Ethereum in 2013.

Reportedly, these coins were given to Buterin and he was not supposed to sell them, therefore he began using them for the noble cause of charity. Post the transfer, the value of Shiba INU fell by 30 per cent thereby compelling Nailwal to assure the holders. This was the second donation made by Buterin to Indian COVID relief.

He, in past, had donated cryptocurrency worth INR 4.5 crores as well. He has also donated to GiveWell, a non-profit charity evaluator, Methuselah Foundation, which focuses on extending the human lifespan, and Machine Intelligence Research Institute, which focused on developing safe artificial intelligence (AI) technologies.

Sandeep Nailwal, the man behind creating the relief fund is a Mumbai based entrepreneur. He is the co-founder and chief operations officer at Polygon. Through the fund, Nailwal has allowed monetary donations free from the ambit of free money and has made it inclusive of digital currency as well.

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  • Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

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